Latest News:  

English>>Business

Sinochem takes large stake in US shale block

By XIE YU in Shanghai  (Chinadaily.com.cn)

09:44, June 06, 2013

Sinochem Group, a State-owned conglomerate involved in energy, agriculture, chemicals, real estate and financial services, has purchased a 40 percent stake in a US shale gas block.

Sinochem Petroleum USA LLC, a subsidiary of Sinochem, on Friday reached a deal with US oil and gas company Pioneer for a share of its leasehold interest in about 2,070 hectares in the Wolfcamp shale area of the Permian Basin, west Texas.

The company paid $1.7 billion for 40 percent, it said in a statement on Monday.

Production from the joint interest area is approaching 10,000 barrels oil equivalent a day.

We Recommend:

Ladies in finance industries

Fortune Global Forum to be held in Chengdu

Top 10 most competitive airlines in the world

General view of Hefei Xinqiao Int’l Airport

China FAW launches high-end car model H7

Top 10 most competitive cities in China in 2013

Boeing delivers China’s first 787 Dreamliner

Intelligent & beautiful Asian business women

Eye-catching models highlight house fair

Email|Print|Comments(Editor:WangXin、Chen Lidan)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. North Sea Fleet in replenishment training

  2. Internal photos of China's aircraft carrier "Liaoning"

  3. Child labor widespread in Gaza Strip

  4. Where's the bottom line of shows?

  5. Drone makes maiden flight over N China

  6. Dramatic dream in little theater

  7. Cartoons from 2D to 3D

  8. Strange animals around world

  9. Digital currency bitcoin gains virtual interest

  10. 3D printing gallery opens in Chongqing

Most Popular

Opinions

  1. Xi-Obama meeting of milestone significance
  2. Violation of women's rights root of sexual assaults
  3. China not to tolerate rogue act on S. China Sea
  4. Imaginaion: essential for cultural confidence
  5. How ZTE is winning the US market
  6. Global IT and techno-jingoism
  7. Copycats stifle Chinese innovation
  8. How to improve the job market

What’s happening in China

White-collar workers setting up stalls become popular

  1. Urban environmental shoutd not at cost of rural's
  2. Reservoir to be built in Huangpu's upper reaches
  3. Retired teacher plants poppies as veggies
  4. Fatal fire rings alarm for factory safety
  5. Brides become expensive in China